HC Wainwright Reiterates Buy Rating for Sagimet Biosciences (NASDAQ:SGMT)

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued on Thursday, Benzinga reports. They currently have a $32.00 target price on the stock.

Separately, JMP Securities reduced their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research report on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Sagimet Biosciences Stock Up 3.5 %

Shares of SGMT stock opened at $5.33 on Thursday. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71. The firm has a 50 day moving average of $3.97 and a 200-day moving average of $3.90.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.09. Research analysts expect that Sagimet Biosciences will post -1.56 EPS for the current year.

Institutional Trading of Sagimet Biosciences

Several hedge funds have recently bought and sold shares of the business. American International Group Inc. lifted its stake in Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after acquiring an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new position in Sagimet Biosciences during the 1st quarter valued at $72,000. ORG Partners LLC bought a new position in Sagimet Biosciences during the 2nd quarter valued at $43,000. Nations Financial Group Inc. IA ADV bought a new position in Sagimet Biosciences during the 2nd quarter valued at $51,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Sagimet Biosciences during the 1st quarter worth $91,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Sagimet Biosciences Company Profile

Sagimet Biosciences Inc, a clinical-stage biopharmaceutical company, develops therapeutics called fatty acid synthase (FASN) inhibitors for the treatment of diseases that result from dysfunctional metabolic pathways in the United States. The company’s lead drug candidate is Denifanstat, a once-daily pill and selective FASN inhibitor for the treatment of metabolic dysfunction associated steatohepatitis.